Mexico City, Mexico — The Home Depot says they plan to invest $1.3 billion USD in their Mexico brand stores over the next four years. The company also says a majority of the products sold will be made in Mexico with plans to sell 100 percent national products.
On Thursday, President Claudia Sheinbaum Pardo and Home Depot Mexico President José Antonio Rodríguez Garza, announced the company’s investment plans.
President Sheinbaum highlighted that The Home Depot investment is part of Plan Mexico, which aims to generate comprehensive regional development based on well-paid jobs that allow Mexicans to have access to basic rights such as housing, health and education.
“The Home Depot is an example of a company that is already in Mexico and that is planning to expand its investment. Now one would think: ‘Let’s see, what is sold at Home Depot, where does it come from? Well, maybe it comes from Asia, it comes from other countries.’ No, 80 percent is produced in Mexico,” Sheinbaum said Thursday.
“If we manage to increase that percentage then not only are there jobs created, products sold, and the characteristics of this company that help Mexicans, but also more indirect jobs are created because what is purchased or the products that enter Home Depot for sale are also produced in our country,” she said.
Ximena Escobedo Juárez, head of the Productive Development Unit and Office Chief of the Ministry of Economy said The Home Depot’s investment contributes to Plan Mexico and that the goal is to sell 100 percent of its products coming from the country.
“What we are looking for with this new investment is that by 2028, we will have 100 percent of the national supply in all Home Depot,” Escobedo Juárez said.
José Antonio Rodríguez Garza says that with the $1.3 billion USD investment, five stores will be opened per year to reach 165, which will exceed 20,000 direct jobs in the country.
“We currently generate more than 18,000 direct jobs in Mexico. With this investment we will surpass 20,000 direct jobs and we estimate that for each job we generate in our division in Mexico, four additional jobs are generated in the Mexican economy. This is of great benefit to improve the quality of life of thousands of families in Mexico,” he said.
He highlighted that The Home Depot Mexico has nearly 50,000 items of which 85 percent are from local suppliers. He said with this investment, they hope to have more products made in Mexico integrated into their stores in Mexico, the United States and Canada.
“We are convinced that what is made in Mexico is innovative, of quality and of value to millions of families in Mexico and abroad. That is why with this investment we will identify, develop and integrate even more local suppliers into our value chain, not only to seek supply in our operation in Mexico, but also to provide access to our stores in the United States and Canada, encouraging investment in the country,” he said.
He pointed out that The Home Depot Mexico is a company committed to sustainability and sustainability which is why half of its stores operate with renewable energy.
“At The Home Depot we believe in and are committed to Mexico, to its people, to its enormous potential. That is why we will work hard to contribute to the sustainable development of the country, generate more jobs, strengthen local supply, contribute to growth and promote housing.
“We are ready to continue building together a stronger, more prosperous and sustainable Mexico. I am convinced that the best years for Mexico and for Home Depot are yet to come,” he said.
